G.V. ElectricalsIPO Review — Financials, Valuation & Peers
A data-only look at the G.V. Electricals IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 112.03 | 2.8 | 6.14 | 17.05 | 42.06 | 4.95 | — |
| FY 2025 | 131.36 | 4.66 | 8.04 | 23.2 | 51.43 | 7.84 | — |
| FY 2026 | 156.66 | 10.47 | 17.05 | 33.67 | 78.4 | 16.47 | 12.64 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 10.28x
- P/E (post-issue)
- 14.01x
- RoNW
- 31.09%
- RoE
- 36.81%
- RoCE
- 31.13%
- Debt / Equity
- 0.49
- EPS (pre-issue)
- ₹12.64
- EPS (post-issue)
- ₹9.28
- EBITDA Margin
- 10.9%
- PAT Margin
- 6.69%
- P/BV
- 3.2x
- NAV / share
- ₹40.66
- Market Cap
- ₹146.63 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| G V ELECTRICALS Limited | 12.64 | 40.66 | — | 31.09% | — |
| Parth Electricals & Engineering Limited | 11.35 | 81.54 | 39.2x | 12.78% | 5.48x |
| Rajesh Power Services Ltd | 79.52 | 225.56 | 10.69x | 35.26% | 3.78x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Jawed Akhtar, Sunil Lakshman Vatsa, Furquan Akhtar</p>
- Holding (pre-issue)
- 95.65%
- Holding (post-issue)
- 67.99%
- Dilution
- 27.66%
Analysis in brief
Anchor book
Before the issue opened to the public, G.V. Electricals placed shares with 5 anchor investors, who together put in ₹11.55 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to MOTILAL OSWAL FINVEST LTD. (₹5.02 crore), SHINE STAR BUILD-CAP PVT.LTD. (₹2.02 crore) and VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES (₹2 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 13 Sept 2026, with the remainder locked until 11 Nov 2026.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. G.V. Electricals operates at an EBITDA margin of 10.9% and a net (PAT) margin of 6.69% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 31.13% and a return on equity (RoE) of 36.81%. At the upper band, the post-issue market capitalisation works out to about ₹146.63 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding of working capital requirements (₹22 crore), alongside repayment of a portion of certain borrowings availed by the company (₹6 crore). In all, 4 objects are disclosed.
Financials
In FY2026, G.V. Electricals reported revenue of ₹156.66 crore and a net profit of ₹10.47 crore. Revenue grew from ₹112.03 crore in FY2024 to ₹156.66 crore in FY2026 (+40.0%). Net worth stood at ₹33.67 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.01× post-issue earnings and 3.2× book value, against a return on net worth of 31.09% and a debt-to-equity ratio of 0.49. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Parth Electricals & Engineering Limited and Rajesh Power Services Ltd, with a median peer P/E of about 24.9×. The issue's own post-issue P/E works out to 14.01×.
Promoters
The promoters of the company are <p>Jawed Akhtar, Sunil Lakshman Vatsa, Furquan Akhtar</p>. Promoter holding stands at 95.65% before the issue and comes down to 67.99% after listing.
Frequently asked questions
- What is the reservation split in the G.V. Electricals IPO?
- Of the total shares offered, retail investors get 35.02%, QIBs 19.93% (plus 29.9% anchor), non-institutional investors 15.15%.
- Who are the promoters of G.V. Electricals and what is their holding?
- The promoters are <p>Jawed Akhtar, Sunil Lakshman Vatsa, Furquan Akhtar</p>. Promoter holding is 95.65% before the issue and 67.99% after listing.
- What is the P/E ratio of the G.V. Electricals IPO?
- At the upper price band, the G.V. Electricals IPO is valued at 10.28× pre-issue earnings and 14.01× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the G.V. Electricals IPO?
- The net proceeds go primarily toward funding of working capital requirements, among 4 disclosed objects.